2026-01-12 18:23:07

This morning, Bitcoin broke through the $90,000 mark, and the market was buzzing with excitement. Many people in social circles were showing off their gains, and various discussion forums were filled with FOMO. But is this rally really a sign that a bull market is coming?

As an analyst who has been tracking on-chain data for a long time, I need to pour cold water on this. This surge is likely not a natural market rebound, but a carefully orchestrated double-edged trap for both bulls and bears. The key lies in understanding two points: on-chain capital flows and market liquidity conditions.

In the early hours, I spent several hours analyzing on-chain data and discovered some anomalies. In the past six hours, multiple anonymous whale wallets, related accounts of several top exchanges, and a market-making institution have collectively swept in over $1.7 billion worth of Bitcoin. This phenomenon warrants attention.

What should a normal market uptrend look like? Funds would be dispersed—retail investors gradually entering, institutions building positions in batches, and quantitative funds rolling according to strategies. But now, this kind of "organized" large-volume buying, in a market with already tight liquidity, can push prices to extremes with less capital.

Why does insufficient liquidity amplify this effect? Imagine pushing a shopping cart down an empty alley—just a gentle push can send it far. In a crowded supermarket, even a strong push makes little difference. Currently, Bitcoin’s market depth is in a "vacant alley" state—order book depth for mainstream trading pairs has shrunk by 40% compared to last week.

In such an environment, large capital inflows and outflows can cause exaggerated price swings. On the surface, it looks like market sentiment is turning, but in reality, it’s more like a few big players creating illusionary prices in a liquidity vacuum.

This doesn’t mean Bitcoin will necessarily fall, but a reminder to everyone: before making any decisions, check the depth chart, on-chain wallet flows, and don’t get blinded by candlestick charts. The most expensive lesson in the market often comes from blindly following the crowd.

BTC1,36%

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GateUser-7b078580

· 3h ago

The $1.7 billion counted hourly has shrunk by 40%... However, this wave really has a distinct smell. Let's wait and see how on-chain wallets move; we can always catch the historical lows.

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NotFinancialAdviser

· 23h ago

Damn, it's another routine of cutting leeks. With a 40% deep shrinkage, I knew something was going to happen. The whales are accumulating, and you're still chasing the rise. How many people will be trapped this time? Honestly, after seeing your analysis, I feel even more panicked. I feel like I don't understand anything. Alright, I'll just watch quietly. Anyway, if it drops, I won't blame myself. $1.7 billion swept in at once? I just want to know if this is building a bottom or dumping.

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FlyingLeek

· 01-12 18:51

Wow, pouring in 1.7 billion USD and the price only goes up this much? A 40% deep shrinkage is really hard to stomach.

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SchrodingerGas

· 01-12 18:49

It's the same story again. $1.7 billion concentrated sell-off, liquidity vacuum, order book shrunk by 40%... It sounds like a carefully orchestrated setup, but I just want to ask, why can such "illusion" push past 90,000 so steadily? Lack of depth doesn't mean the price is fake; it only indicates fewer participants. Conversely, if a few large players can push the price up, why don't they just keep smashing the order book to arbitrage? The game theory doesn't add up.

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TokenomicsDetective

· 01-12 18:40

Wow, sweeping 1.7 billion USD in one go? I've seen this trick before. The analogy of pushing carts in empty alleys is spot on.

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StopLossMaster

· 01-12 18:38

$1.7 billion concentrated sell-off, a deep 40% shrinkage, this is like pushing a cart in a deserted alley, the price is incredibly illusory. Don't be fooled by those show-off orders in the朋友圈, on-chain data is the real truth. Looking at the order book, you can clearly see what's going on in this wave.

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InscriptionGriller

· 01-12 18:34

Bro, this wave of $90,000 is a signal that the leek harvesters are starting. Really. $1.7 billion concentrated on buying, and liquidity has shrunk by 40%... It really looks like the big players are just playing tricks in the alley. I bet five bucks that a death spiral is coming again.

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GasFeeLover

· 01-12 18:26

$1.7 billion swept in overnight? This move... feels like they're playing chess again Deeply shrunk by 40% yet still pushing upward, an illusory prosperity Don't follow the trend, brother. Check on-chain data before acting 90,000 is right there, can't run away, better do some research first I need to dig deeper into the anonymous whale's concentrated buying Playing price games in a liquidity vacuum, old tricks It was about time to pour cold water on this. Those showing off profits in social circles are really disgusting Order book depth can't be fooled, stay alert everyone

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Frontrunner

· 01-12 18:25

You're telling stories again, sweeping in 1.7 billion USD at once? I don’t believe you, probably just another big V making up stories. --- The deep 40% shrinkage is real, but I laugh if you say it’s illusion. Illusory prices can still crash my account. --- Now there’s no more sound from the朋友圈showing gains. --- Wait, a market maker concentrated on buying... are you sure this isn’t just the prelude to pumping then dumping? --- Overinterpretation of on-chain analysis, judging the entire market based on a few wallet addresses, impressive. --- Saying 90,000 is illusory is a bit too much, but when it really crashes, it’ll be real. --- Another "smart person pouring cold water," but why remind us to look at the depth chart? Just call for a short.

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